Help needed! - first deal, need to estimate CapEx

[Michael Wayne]

BP Family, 

My partner and I are about to put an offer in on our first multi-family property in Oakland County, MI. We've built out a model and really like where our numbers are at, but the one variable we're having trouble estimating is the CapEx budget. I've read that 8% of gross rents is a safe target, but I want to get more granular than that.

Here are some details: 

- 12 units 

- ten 1-bedrooms, two 2-bedrooms 

- Covered parking garage

- Asphalt driveway 

Capital improvements made recently:

- Window replacement (summer of 2014)

- New roof on main building & Car Port (summer 2018) 

- Replacement of entire driveway and uncovered parking

- Gutters Replaced with Commercial Gutters 

- New concrete in courtyards between car ports and building 

- installed cameras with 10-day DVR loop 

Post LOI, we plan to do a full inspection to check on HVAC systems, but we want to still put in an informed offer and ensure the property is still worthwhile with a budget for CapEx built into our projections.

Anyone have any best practices for this type of property? 

Thank you, thank you!